When you own or are considering the purchase or renovation of any property, it is essential to ensure you have the right level of insurance cover.
If the property is a listed building, there are additional responsibilities and regulations to consider when it comes to insurance. Here are some tips to keep in mind when insuring a listed building:
Work with a specialist insurer: Look for an insurer that has experience in insuring listed buildings; they will have a better understanding of the risks involved and can offer more tailored insurance cover.
Get a proper valuation: It is important to get an accurate valuation of your listed building. This will ensure that you are adequately insured in the event of damage or loss. You should always recruit a specialist valuer to assess the building’s value, and a Chartered Surveyor will have the essential skills and experience to provide what is needed.
Understand what is covered: Make sure you understand what is covered under your policy. Listed buildings often require specific types of cover, such as protection for historic features and materials.
Consider additional cover: Depending on the specific risks involved, you may need additional cover, such as special protection against damage from flooding or subsidence.
Keep the policy up to date: It is important to review your insurance policy regularly to make sure it continues to provide adequate coverage. As your building ages, its value may change, and you may need to adjust your coverage accordingly. Assuming you make no changes to the building, a Chartered Surveyor’s valuation will ensure your building has the right cover for the next five years, after which time you will need to have the property revalued.
Remember, insuring a listed building can be complex, so it is important to work with an experienced insurer who can help you navigate the process and ensure that you have the right coverage in place. There are also organisations, such as the Listed Property Owners’ Club, which offer dedicated advice to the owners of listed buildings. The small fee required to access planning advice, insurance and legal issues can more than pay for itself in the long run.